Step 1: Supplies
salt (not sure if this is entirely necessary - but I know it works well for cleaning pennies in concert with the vinegar)
plastic dish big enough to submerge the rusted parts of the tool
Step 2: Submerge the tool in vinegar
pour in enough vinegar to submerge the rusted parts
Step 5: Brush
Use the old toothbrush and scrub away the remaining deposits.
Step 6: Wiggle
If that doesn't work, maybe leave it another 24 hours. But this treatment should be enough to get it back into working order.
Step 7: Blot, dry, oil
Give it few drops of oil and work it to help keep it from getting rusty again. Not sure what kind of oil is appropriate here, I had this 3-in-1 oil handy so I used it. Some commenters are swearing by WD40. Some people are saying that WD40 is green, however, it looks to be made of mostly petroleum products: http://www.wired.com/science/discoveries/magazine/17-05/st_whatsinside
And, since everybody keeps mentioning it: another way achieve a similar result is with an electrolytic process. If you have the facility to do that, more power to ya.